News

Looking for a new location for your business can be both exciting and stressful. While it marks new opportunities to invigorate your workforce, attract new customers and propel your business to the next level, there are also many different elements to take into consideration, including location, size and various amenities.

Finding the right commercial property to lease can be challenging, but you can find the right property to take your business to the next level, especially with these helpful tips.

​1. Make a list of your options and determine the type of space you will need.Before you contact a commercial real estate broker or even begin searching on your own, you want to have a clear idea of what type of space you want. Make a list of all the features you want in a commercial property and rank them in order of importance. Besides the specific needs of your business that might include a checkout station, dressing rooms or even a kitchen, here are some other factors to take into consideration:

Location: The neighborhood you choose can be key to your business’ success.

Size: Make sure you know how much space you need. Take into account your current and future needs so that you can grow within the space.

Budget: Have a good idea of what you can afford, and make sure that the type of space you want fits within that budget.

Utilities: Depending on your type of business, a lease that includes your water or electricity bill could tip the balance when all other factors are equal.

Amenities: Review what type of special options you might want to consider, including building amenities like security, fire prevention and parking.

​If you run a retail business, your top priority may include location. If you plan to open a creative marketing agency, you may want a property with high ceilings, plenty of open space, and a bit of character to inspire creativity in your employees.

Consider your business’s goals, employees, and customers when determining the type of property you need. Avoid the temptation to lease a property simply because it is new, big, modern or simply the least expensive. Make sure the property will keep your customers buying and your employees working hard.

2. Narrow your search and contact a commercial real estate broker.Once you have a list of your priorities, identify available properties that fit your needs in your desired location. Of those properties, narrow your choices down to just five or fewer to start. Don’t worry — if you visit the properties and they don’t fit your needs, you can always revisit your list and identify a new round of prospective properties.

This is the point where having a commercial real estate broker can help. He can schedule viewings or help you to narrow down your list. They might also have access to listings that are not on public sites.

3. Involve your employees.So much of choosing the right commercial rental space comes down to creating the right environment for your employees. Is the location convenient for them? Will moving to the other side of town mean you could lose some of your best employees? Will your employees feel safe walking to and from the building?

Oftentimes your employees will know more about what makes a positive working environment for them than you will. Distribute an employee survey at the beginning of your search process, asking your employees for feedback as to what they value most in a workspace or office location. Or, if appropriate, take a few employees with you when you visit each property so that you can get their first-hand impressions of the property.

Make sure your employees feel involved in the process on some level, as their future productivity may depend on the new space.

4. Research the area and scout the space.Once your real estate agent has delivered a list of possibilities, make sure you tour each of the spaces, keeping a careful eye on the amenities you’re looking for. How does the property compare to rental rates for other comparable commercial properties in the area? By what percentage have leases in the area increased over the last three to five years? Can you negotiate a set rate for the next few years? Talk to other tenants in the same building or shopping center and ask about any problems with the property manager.

5. Negotiate and review the terms of the lease.When it comes time to sign on the dotted line, make sure that you and your real estate broker have negotiated the best possible rate for your space. Request a copy of the lease and take some time to thoroughly review it. You will want to make sure you understand its terms and limitations. What does the lease cover, and what does it not? What building maintenance will your company need to perform, if any? What are the true costs to occupy the space and what are your total liabilities? Will you have the ability to sublease to another tenant should your company need to relocate while still under the lease?

As with the rest of the property exploration process, don’t attempt this part of the process alone. Ideally, you want the help of your attorney and real estate broker to go over the lease and make sure your best interests are considered.

6. Ask the right questions.It’s unlikely you want your company to relocate again anytime soon. Take the time now to analyze each potential space and consider your strategy for growth.Here are some key questions to ask yourself:

Can your company grow into this space, or will you need to relocate again as you begin to scale?

How will your target consumers perceive this location?

Does demand for your product or service exist in that area of town?

Will consumers travel to a new neighborhood to continue receiving your product or service, or will they find a substitute?

Are you currently looking for a new commercial or industrial space? Alex Olsen is a seasoned commercial real estate broker that can help you in your search. Have you checked out our Seaborg site in Ventura that is currently under construction and looking for tenants. We have 3 suites available with varying sizes. You can check out the property under the listings page on my site or the following locations:

Leave a Reply.

Author

Alex Olsen has been an integral part of Downtown Ventura's rebuilding and development since 1998. He loves to share his insight on the current and future issues facing the city of Ventura and surrounding areas.

Archives

Categories

Location

What Our Clients Are Saying

Alex has done an amazing job. I have spent time with Alex walking through Ventura as he showed me some beautiful properties. His knowledge of the market was impressive. I appreciated him taking the time to explain the nuances of commercial real estate from a brokers perspective and from a business owners perspective. Alex, thank you taking time to share apart of your life with me! - Paul Cromwell